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Warning of a potential short-term bottom in USD/SGD

A counter trend reaction in USD/SGD may flourish as oversold conditions need a definite alleviation.

Even though markets look to keep the pressure on the USD/SGD, as denoted by the alignment of the 50-SMA well below the 200-SMA, the stochastic (14,3,3) threatens to change the bearish status quo. The oscillator has printed just above the oversold level with the recent hourly close. This is a rare but not uncommon technical set-up warning of a potential short-term bottom.

Traders following the 4hr stochastic, still under 50%, don’t necessarily need to liquidate their longer-term sell positions. Nevertheless, the 1hr stochastic is increasingly backing the idea that it could be necessary soon.

SAR still trailing the falling USD/JPY rate

SAR still trailing the falling USD/JPY rate
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